Consider these factors before applying for a pre-owned car loan

Personal Finance 

The used car financing market is projected to reach a value of 13 billion dollars with a CAGR of approximately 24% by 2027.

Prospective buyers must take note of the specific eligibility criteria of different lenders to gauge their eligibility.

Prospective borrowers must consider their repayment capacity and other financial obligations when determining the right loan amount.

Prospective borrowers must carefully assess their monthly income, expenses, and financial obligations to determine the highest monthly instalment they can comfortably handle.

Opting for a longer tenure may result in reduced monthly payments but also leads to more interest accrual.

Borrowers should undertake meticulous research and diligently compare interest rates offered by various lenders.

Fixed-rate car loans frequently come with hefty prepayment fees, climbing as high as 6% of the remaining loan balance.

Borrowers should aim to make a down payment of at least 20% of the vehicle's on-road price during the booking process.

Loan seekers can find a loan that aligns with their financial situation and lowers long-term expenses by methodically evaluating various factors and comparing offerings from different lenders.